Friday 27th of August 2010
Planning for retirement is extremely important for people who are ready to end their career. However, unsecured debts could make that more difficult, especially if you have no idea about the state of your finances.
Information on IVAs may, however, be useful for couples who want to take control of their bank balances and get out of the red once and for all.
Recent figures from Prudential show some 22 per cent of partners who are aged 40 or above and are not yet retired have never spoken to their other half about financial planning for retirement.
Commenting on the findings, Andrew Hagger, spokesman for Moneynet.co.uk, says: "If you are going to plan for your retirement then you need to understand exactly what savings you have - what outgoings or debts [and] things like that."
If you owe more than £15,000 on unsecured financial products, IVA information may provide answers on how to get your bank balance back on track before you finish working.
The measure takes around five years to complete, but it could be it's well worth the wait when you finally find yourself totally debt-free.
By Kimberley Parsons
- House price rise 'may not indicate recovery'
- Equity release 'needs to be increased'
- Need for IVA help could increase as expert predicts reduction in lending
- Government announces 'breathing space' for those needing IVA help
- Lack of subprime lending creating need for IVA help, expert suggests
- Love of credit cards could leave Britons seeking IVA help
